Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-103"

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"en.20081008.15.3-103"2
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"Madam President, let me say something which, in my view, has not been properly outlined. Regulation and supervision is not only about the building; it is about the object: what we regulate and supervise – and that is the crux of the matter. We could have had an independent, EU-wide oversight body regulating in Europe and we would still have experienced the eruption of the crisis, because the problem is that the flaw lies in the financial system, not necessarily in the non-existence of a unique body of oversight and supervision. Secondly, we are going to experience a very severe recession. We have to recapitalise the banks, and this will cost a huge amount of money. It is going to put tremendous pressure on public budgets, and I am asking myself – because we have to look at the broad picture – what is going to happen. I think that the current crisis shows that the size of the EU budget is nothing when the time comes to intervene and do something, so we have to rethink the EU budget."@en1
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